PARIS, 08-1-2015 — /EuropaWire/ — On behalf of the Ministry of the Interior, the French governmental agency France Domaine exercised its option to buy “Le Garance” in the 20th district of Paris, an option attached to the off-plan lease it had signed with Icade in June 2014.
The disposal of this building was completed on 31 December 2014 which has allowed Icade to achieve its FY14 result target for its commercial property development business segment.
The project, to be delivered in August 2015, will gather a bus centre for RATP (Paris Public Transport Authority), a secondary school and a nursery in addition of the 26,000 sq.m of office space for the Ministry.
This transaction demonstrates Icade’s Property Development team’s professionalism and its ability to deliver a large-scale project, HQE and BREEAM Very Good certified, in the heart of Paris. With its unique architecture, the project accounts for 84,000 sq.m of built space.
Icade is a listed company, a subsidiary of the Caisse des Dépôts and a major player in Greater Paris and regional development, capable of providing comprehensive, sustainable and innovative solutions that are tailored to customer needs and the challenges of tomorrow’s cities. Leading commercial real estate company in Europe, Icade recorded an EPRA Earnings of 214 million euros in 2013. On 30 June 2014, its EPRA triple net asset value reached 5,419 million euros, or 73.2 euros per share.
The text of this press release is available on the Icade website: www.icade.fr.
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